News Release

NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, DECEMBER 22, 2009
Lisa Mataloni: (202) 606-5304 (GDP) BEA 09-57

Andrew Hodge: (202) 606-5564 (Profits)
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: THIRD QUARTER 2009 (THIRD ESTIMATE)

CORPORATE PROFITS: THIRD QUARTER 2009 (REVISED ESTIMATE)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.2 percent in the third quarter of 2009, (that
is, from the second quarter to the third quarter), according to the "third" estimate released by the Bureau
of Economic Analysis. In the second quarter, real GDP decreased 0.7 percent.
The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.8
percent (see "Revisions" on page 3).
The increase in real GDP in the third quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), exports, private inventory investment, federal government
spending, and residential fixed investment that were partly offset by a negative contribution from
nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
The upturn in real GDP in the third quarter primarily reflected upturns in PCE, in exports, in
private inventory investment, and in residential fixed investment and a smaller decrease in
nonresidential fixed investment that were partly offset by an upturn in imports, a downturn in state and
local government spending, and a deceleration in federal government spending.
NOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. “Real” estimates are in chained (2005)
dollars. Price indexes are chain-type measures.
This news release is available on BEA’s Web site along with the Technical Note and Highlights
related to this release.
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Motor vehicle output added 1.45 percentage points to the third-quarter change in real GDP after
adding 0.19 percentage point to the second-quarter change. Final sales of computers subtracted 0.08
percentage point from the third-quarter change in real GDP after subtracting 0.04 percentage point from
the second-quarter change.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.3 percent in the third quarter, 0.1 percentage point less than the second estimate; this index
increased 0.5 percent in the second quarter. Excluding food and energy prices, the price index for gross
domestic purchases increased 0.3 percent in the third quarter, compared with an increase of 0.8 percent
in the second.
Real personal consumption expenditures increased 2.8 percent in the third quarter, in contrast to
a decrease of 0.9 percent in the second. Real nonresidential fixed investment decreased 5.9 percent,
compared with a decrease of 9.6 percent. Nonresidential structures decreased 18.4 percent, compared
with a decrease of 17.3 percent. Equipment and software increased 1.5 percent, in contrast to a decrease
of 4.9 percent. Real residential fixed investment increased 18.9 percent, in contrast to a decrease of 23.3
percent.
Real exports of goods and services increased 17.8 percent in the third quarter, in contrast to a
decrease of 4.1 percent in the second. Real imports of goods and services increased 21.3 percent, in
contrast to a decrease of 14.7 percent.
Real federal government consumption expenditures and gross investment increased 8.0 percent
in the third quarter, compared with an increase of 11.4 percent in the second. National defense increased
8.4 percent, compared with an increase of 14.0 percent. Nondefense increased 7.0 percent, compared
with an increase of 6.1 percent. Real state and local government consumption expenditures and gross
investment decreased 0.6 percent, in contrast to an increase of 3.9 percent.
The change in real private inventories added 0.69 percentage point to the third-quarter change in
real GDP, after subtracting 1.42 percentage points from the second-quarter change. Private businesses
decreased inventories $139.2 billion in the third quarter, following decreases of $160.2 billion in the
second quarter and $113.9 billion in the first.
Real final sales of domestic product -- GDP less change in private inventories -- increased 1.5
percent in the third quarter, compared with an increase of 0.7 percent in the second.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 3.0 percent in the third quarter, in contrast to a decrease of 2.3 percent in the
second.
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Gross national product
Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 3.0 percent in the third quarter, in contrast to a decrease of 1.0
percent in the second. GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which increased $25.7 billion in the third quarter after decreasing $7.4 billion in the second; in
the third quarter, receipts increased $15.7 billion, and payments decreased $10.0 billion.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
2.6 percent, or $90.9 billion, in the third quarter to a level of $14,242.1 billion. In the second quarter,
current-dollar GDP decreased 0.8 percent, or $26.8 billion.
Revisions
The "third" estimate of the third-quarter increase in real GDP is 0.6 percentage point, or $17.3
billion, lower than the second estimate issued last month, primarily reflecting downward revisions to
nonresidential fixed investment, to private inventory investment, and to personal consumption
expenditures.
Advance Estimate Second Estimate Third Estimate

(Percent change from preceding quarter)
Real GDP................................................ 3.5 2.8 2.2

Current-dollar GDP................................ 4.3 3.3 2.6
Gross domestic purchases price index... 1.6 1.4 1.3
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $132.4 billion in the third quarter, compared with an increase of
$43.8 billion in the second quarter. Current-production cash flow (net cash flow with inventory
valuation adjustment) -- the internal funds available to corporations for investment -- increased $28.4
billion in the third quarter, in contrast to a decrease of $30.5 billion in the second.
Taxes on corporate income increased $15.1 billion in the third quarter, compared with an increase
of $35.6 billion in the second. Profits after tax with inventory valuation and capital consumption
adjustments increased $117.3 billion in the third quarter, compared with an increase of $8.2 billion in
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the second. Dividends decreased $6.1 billion, compared with a decrease of $62.1 billion; current-
production undistributed profits increased $123.5 billion, compared with an increase of $70.3 billion.
Domestic profits of financial corporations increased $82.8 billion in the third quarter, compared
with an increase of $28.5 billion in the second. Domestic profits of nonfinancial corporations increased
$27.6 billion in the third quarter, compared with an increase of $29.8 billion in the second. In the third
quarter, real gross value added of nonfinancial corporations increased, and profits per unit of real value
added increased. The increase in unit profits reflected decreases in both unit nonlabor and labor costs
that more than offset a decrease in unit prices.
The rest-of-the-world component of profits increased $22.0 billion in the third quarter, in contrast
to a decrease of $14.6 billion in the second. This measure is calculated as (1) receipts by U.S. residents
of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated
foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus
dividends paid by U.S. corporations to unaffiliated foreign residents. The third-quarter increase was
accounted for by a larger increase in receipts than in payments.
Profits before tax with inventory valuation adjustment is the best available measure of industry
profits because estimates of the capital consumption adjustment by industry do not exist. This measure
reflects depreciation-accounting practices used for federal income tax returns. According to this
measure, domestic profits of both financial and nonfinancial corporations increased in the third quarter.
The increase in nonfinancial corporations reflected increases in utilities, information, "other"
nonfinancial, retail trade, and transportation and warehousing that were partly offset by decreases in
wholesale trade and manufacturing. Within manufacturing, the largest decrease was in “other” durable
goods, and the largest increase was in motor vehicles.
Profits before tax increased $157.9 billion in the third quarter, compared with an increase of $90.6
billion in the second. The before-tax measure of profits does not reflect, as does profits from current
production, the capital consumption and inventory valuation adjustments. These adjustments convert
depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to
the current-cost measures used in the national income and product accounts. The capital consumption
adjustment increased $9.7 billion in the third quarter (from -$128.6 billion to -$118.9 billion), compared
with an increase of $16.3 billion in the second. The inventory valuation adjustment decreased $35.2
billion (from $18.1 billion to -$17.1 billion), compared with a decrease of $63.0 billion.
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BEA’s national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
* * *
Next release -- January 29, 2010, at 8:30 A.M. EST for:

Gross Domestic Product: Fourth Quarter 2009 (Advance Estimate)
* * *
Release dates in 2010
Gross Domestic Product
2009: IV and 2009 annual 2010: I 2010: II 2010: III
Advance…… January 29 April 30 July 30 October 29

Second…….. February 26 May 27 August 27 November 23
Third………. March 26 June 25 September 30 December 22
Corporate Profits
Preliminary... ……….. May 27 August 27 November 23

Revised……. March 26 June 25 September 30 December 22
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Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2006 2007 2008 2005 2006 2007 2008 2009
IV I II III IV I II III IV I II III IV I II III r
Gross domestic product (GDP) ................ 2.7 2.1 0.4 2.1 5.4 1.4 0.1 3.0 1.2 3.2 3.6 2.1 –0.7 1.5 –2.7 –5.4 –6.4 –0.7 2.2
Personal consumption expenditures .................. 2.9 2.6 –0.2 1.0 4.5 2.2 2.5 4.1 3.7 1.1 1.9 1.2 –0.6 0.1 –3.5 –3.1 0.6 –0.9 2.8
Goods.................................................................. 3.3 3.1 –2.1 –1.1 7.5 0.7 3.3 5.9 3.9 0.2 3.1 3.0 –5.1 –0.5 –7.7 –10.0 2.5 –3.1 7.2
Durable goods ................................................. 4.1 4.3 –4.5 –9.7 17.0 –1.0 4.5 5.6 5.5 2.1 5.2 5.5 –8.9 –5.7 –11.7 –20.3 3.9 –5.6 20.4
Nondurable goods ........................................... 2.8 2.5 –0.8 3.9 2.6 1.6 2.6 6.1 3.1 –0.8 2.1 1.8 –3.0 2.2 –5.6 –4.9 1.9 –1.9 1.5
Services............................................................... 2.7 2.4 0.7 2.2 2.9 3.0 2.1 3.1 3.6 1.6 1.3 0.3 1.8 0.4 –1.3 0.5 –0.3 0.2 0.8
Gross private domestic investment..................... 2.7 –3.8 –7.3 15.1 6.0 –0.6 –5.5 –10.9 –6.0 5.7 0.8 –7.7 –7.4 –10.4 –6.9 –24.2 –50.5 –23.7 5.0
Fixed investment.................................................. 2.3 –2.1 –5.1 1.5 9.5 –1.9 –5.0 –5.3 –2.6 3.6 –0.4 –4.2 –6.3 –2.7 –8.3 –20.2 –39.0 –12.5 –1.3
Nonresidential.................................................. 7.9 6.2 1.6 2.2 18.0 7.3 4.4 2.3 4.2 11.4 9.6 6.7 1.9 1.4 –6.1 –19.5 –39.2 –9.6 –5.9
Structures..................................................... 9.2 14.9 10.3 2.5 18.9 22.4 10.3 1.5 15.6 22.7 26.6 11.2 6.8 14.5 –0.1 –7.2 –43.6 –17.3 –18.4
Equipment and software .............................. 7.4 2.6 –2.6 2.3 17.8 2.1 2.2 2.8 –0.5 6.5 2.2 4.5 –0.5 –5.0 –9.4 –25.9 –36.4 –4.9 1.5
Residential ....................................................... –7.3 –18.5 –22.9 0.1 –4.2 –16.9 –21.2 –19.7 –16.2 –12.9 –22.4 –29.5 –28.2 –15.8 –15.9 –23.2 –38.2 –23.3 18.9
Change in private inventories .............................. .......... ........... .......... ........... ........... ........... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ...........
Net exports of goods and services ..................... .......... ........... .......... ........... ........... ........... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ...........
Exports ................................................................ 9.0 8.7 5.4 10.5 16.5 6.9 0.6 17.8 3.5 5.2 18.5 14.5 –0.1 12.1 –3.6 –19.5 –29.9 –4.1 17.8
Goods .............................................................. 9.4 7.4 5.9 11.8 17.8 7.4 0.2 13.1 3.0 6.3 14.8 12.4 4.2 14.1 –1.8 –25.5 –36.9 –6.3 24.6
Services........................................................... 7.9 11.8 4.2 7.4 13.6 5.6 1.5 29.1 4.7 2.8 27.2 19.2 –9.0 7.8 –7.7 –4.3 –13.6 0.1 5.6
Imports ................................................................ 6.1 2.0 –3.2 11.7 7.8 4.5 4.9 –0.5 4.3 –0.5 3.7 –3.6 –2.5 –5.0 –2.2 –16.7 –36.4 –14.7 21.3
Goods .............................................................. 5.9 1.7 –3.9 12.1 6.3 5.0 5.5 –2.3 5.0 –1.0 2.8 –3.8 –3.5 –4.6 –3.7 –19.6 –41.0 –16.5 25.1
Services........................................................... 7.1 3.5 0.7 9.5 16.1 1.8 1.3 10.0 0.4 2.1 8.6 –2.9 3.0 –7.1 6.1 –0.9 –11.5 –7.5 7.0
Government consumption expenditures and
gross investment ............................................... 1.4 1.7 3.1 –1.8 4.1 0.3 0.6 1.1 0.0 4.4 3.9 1.6 2.6 3.6 4.8 1.2 –2.6 6.7 2.6
Federal ................................................................ 2.1 1.3 7.7 –6.5 11.9 –3.4 –0.4 1.1 –5.1 7.4 9.3 2.7 8.1 7.8 13.2 6.5 –4.3 11.4 8.0
National defense.............................................. 1.6 2.2 7.8 –14.3 10.5 1.1 –1.9 8.5 –7.6 8.6 10.0 0.5 8.2 7.0 19.8 3.8 –5.1 14.0 8.4
Nondefense ..................................................... 3.2 –0.6 7.3 11.7 14.7 –11.6 2.9 –12.7 0.3 5.0 7.9 7.6 8.1 9.6 0.1 12.7 –2.5 6.1 7.0
State and local..................................................... 0.9 2.0 0.5 1.1 –0.3 2.6 1.2 1.1 3.1 2.7 0.9 1.0 –0.5 1.2 0.1 –2.0 –1.5 3.9 –0.6
Addenda:
Final sales of domestic product........................... 2.6 2.5 0.8 –0.1 5.9 1.2 0.2 4.1 1.8 2.9 3.4 2.8 –0.5 2.7 –2.9 –4.7 –4.1 0.7 1.5
Gross domestic purchases.................................. 2.6 1.4 –0.7 2.7 4.7 1.4 0.8 1.0 1.4 2.4 2.1 –0.2 –1.1 –0.9 –2.5 –5.5 –8.6 –2.3 3.0
Final sales to domestic purchasers ..................... 2.5 1.7 –0.4 0.6 5.2 1.2 0.9 2.0 2.0 2.1 1.9 0.4 –0.9 0.3 –2.7 –4.9 –6.4 –0.9 2.3
Gross national product (GNP) ............................. 2.4 2.4 0.6 1.1 5.4 1.3 –0.3 3.2 0.9 3.6 5.4 3.4 –1.1 0.2 –1.8 –6.7 –6.6 –1.0 3.0
Disposable personal income ............................... 4.0 2.2 0.5 2.2 7.7 3.6 1.9 5.3 1.7 0.5 1.7 0.1 –2.4 9.8 –8.5 3.4 0.2 6.2 –1.4
Current-dollar measures:
GDP ................................................................. 6.0 5.1 2.6 5.6 8.6 5.1 3.2 4.8 5.5 6.0 5.3 4.5 1.0 3.5 1.4 –5.4 –4.6 –0.8 2.6
Final sales of domestic product ....................... 6.0 5.4 3.0 3.3 9.2 4.9 3.3 6.0 6.1 5.7 5.1 5.2 1.5 4.7 1.0 –5.2 –2.4 0.6 2.0
Gross domestic purchases .............................. 6.0 4.4 2.4 7.0 7.6 5.0 3.7 1.9 5.7 5.5 4.3 4.4 2.1 3.2 1.8 –9.2 –9.8 –1.8 4.3
Final sales to domestic purchasers ................. 6.0 4.7 2.8 4.8 8.2 4.8 3.8 3.0 6.3 5.2 4.1 5.0 2.6 4.3 1.5 –9.0 –7.7 –0.5 3.7
GNP ................................................................. 5.8 5.4 2.7 4.6 8.6 4.9 2.8 5.1 5.3 6.3 7.1 5.8 0.6 2.3 2.2 –6.7 –4.8 –1.0 3.4
Disposable personal income............................ 6.9 4.9 3.9 5.8 9.5 6.7 4.9 5.3 5.5 3.7 4.1 5.2 1.2 14.1 –4.2 –1.8 –1.2 7.7 1.2
r Revised
See “Explanatory Note” at the end of the tables.
Table 2. Contributions to Percent Change in Real Gross Domestic Product
2006 2007 2008 2005 2006 2007 2008 2009
Percent change at annual rate:

Gross domestic product ............................... 2.7 2.1 0.4 2.1 5.4 1.4 0.1 3.0 1.2 3.2 3.6 2.1 –0.7 1.5 –2.7 –5.4 –6.4 –0.7 2.2
Percentage points at annual rates:
Personal consumption expenditures .................. 2.01 1.84 –0.17 0.71 3.08 1.48 1.70 2.79 2.54 0.81 1.35 0.86 –0.39 0.06 –2.49 –2.15 0.44 –0.62 1.96
Goods ................................................................. 0.78 0.75 –0.50 –0.29 1.76 0.15 0.78 1.39 0.93 0.05 0.75 0.71 –1.24 –0.12 –1.89 –2.41 0.56 –0.71 1.59
Durable goods ................................................. 0.35 0.36 –0.36 –0.89 1.35 –0.09 0.37 0.46 0.45 0.18 0.42 0.44 –0.75 –0.46 –0.95 –1.64 0.28 –0.41 1.36
Motor vehicles and parts.............................. –0.10 0.04 –0.38 –1.53 0.46 0.00 0.21 –0.02 0.08 0.05 –0.10 0.06 –0.50 –0.63 –0.64 –0.84 0.14 –0.14 0.81
Furnishings and durable household
equipment ................................................ 0.11 0.04 –0.06 0.21 0.22 –0.09 0.04 0.04 0.15 –0.08 0.07 0.06 –0.13 0.05 –0.22 –0.27 –0.13 –0.15 0.12
Recreational goods and vehicles ................. 0.30 0.26 0.13 0.35 0.53 0.06 0.18 0.44 0.22 0.16 0.38 0.33 –0.04 0.25 –0.06 –0.30 0.20 –0.11 0.37
Other durable goods .................................... 0.04 0.01 –0.05 0.09 0.14 –0.05 –0.06 0.01 0.00 0.05 0.07 –0.01 –0.07 –0.13 –0.03 –0.21 0.07 –0.02 0.06
Nondurable goods ........................................... 0.44 0.39 –0.13 0.60 0.41 0.24 0.40 0.93 0.48 –0.13 0.33 0.27 –0.49 0.35 –0.94 –0.78 0.29 –0.29 0.23
Food and beverages purchased for off-
premises consumption ............................. 0.17 0.11 0.00 0.15 0.06 0.23 0.07 0.33 0.10 –0.14 0.09 0.22 0.05 0.03 –0.29 –0.41 0.03 0.20 0.21
Clothing and footwear .................................. 0.12 0.11 –0.01 0.31 0.14 –0.07 0.14 0.17 0.19 –0.02 0.11 0.05 –0.04 0.16 –0.27 –0.21 –0.04 –0.20 –0.01
Gasoline and other energy goods................ –0.05 0.02 –0.12 –0.08 –0.13 0.03 0.10 0.00 0.05 –0.01 0.01 –0.10 –0.23 –0.11 –0.42 0.27 0.17 0.02 –0.04
Other nondurable goods .............................. 0.20 0.16 –0.01 0.22 0.35 0.06 0.10 0.43 0.14 0.03 0.11 0.10 –0.27 0.27 0.04 –0.43 0.12 –0.32 0.07
Services.............................................................. 1.22 1.09 0.32 0.99 1.32 1.33 0.92 1.40 1.61 0.76 0.60 0.15 0.85 0.17 –0.60 0.26 –0.13 0.09 0.37
Household consumption expenditures (for
services) ...................................................... 1.06 1.02 0.16 0.88 1.12 1.04 0.59 1.38 1.69 0.88 0.34 –0.14 0.70 0.13 –0.79 0.06 0.34 0.30 0.24
Housing and utilities..................................... 0.27 0.12 0.12 0.26 –0.13 0.58 0.30 –0.16 0.21 0.03 0.14 –0.04 0.33 0.11 –0.18 0.46 0.02 –0.16 0.07
Health care................................................... 0.19 0.27 0.31 0.18 0.32 0.06 –0.11 0.37 0.53 0.20 0.18 0.30 0.65 0.28 –0.06 0.19 0.37 0.44 0.02
Transportation services................................ –0.01 0.03 –0.11 –0.07 –0.06 0.05 –0.01 0.09 0.05 0.01 –0.03 –0.07 –0.17 –0.15 –0.11 –0.17 –0.15 0.02 0.08
Recreation services ..................................... 0.08 0.10 0.00 0.06 0.12 0.05 0.13 0.22 0.08 0.04 0.08 0.00 –0.01 0.04 –0.08 –0.10 0.05 –0.04 –0.08
Food services and accommodations ........... 0.13 0.05 –0.02 0.18 0.36 –0.19 0.00 0.18 0.03 0.04 0.05 0.09 –0.10 0.11 –0.11 –0.35 –0.07 –0.10 –0.09
Financial services and insurance................. 0.18 0.28 –0.10 0.07 0.21 0.16 0.13 0.40 0.43 0.42 0.08 –0.25 –0.13 –0.07 –0.16 –0.24 0.03 0.14 0.17
Other services.............................................. 0.21 0.18 –0.04 0.19 0.28 0.32 0.15 0.28 0.36 0.14 –0.16 –0.17 0.13 –0.18 –0.09 0.27 0.10 0.01 0.07
Final consumption expenditures of nonprofit
institutions serving households.................... 0.17 0.07 0.16 0.12 0.20 0.29 0.34 0.01 –0.08 –0.12 0.26 0.28 0.15 0.05 0.18 0.20 –0.46 –0.21 0.13
Gross output of nonprofit institutions ........... 0.21 0.18 0.24 0.18 0.35 0.23 0.15 0.19 0.30 0.01 0.13 0.34 0.44 0.17 0.07 0.24 –0.22 0.01 –0.04
Less: Receipts from sales of goods and
services by nonprofit institutions .............. 0.04 0.11 0.09 0.07 0.15 –0.05 –0.19 0.18 0.37 0.13 –0.14 0.06 0.29 0.12 –0.11 0.04 0.24 0.22 –0.17
Gross private domestic investment................. 0.46 –0.65 –1.18 2.46 1.08 –0.11 –0.99 –1.99 –1.05 0.92 0.14 –1.29 –1.20 –1.66 –1.04 –3.91 –8.98 –3.10 0.54
Fixed investment............................................ 0.39 –0.35 –0.81 0.25 1.57 –0.32 –0.86 –0.91 –0.43 0.59 –0.04 –0.66 –0.99 –0.41 –1.30 –3.28 –6.62 –1.68 –0.15
Nonresidential .............................................. 0.84 0.70 0.19 0.25 1.84 0.80 0.49 0.27 0.46 1.25 1.10 0.78 0.25 0.19 –0.73 –2.47 –5.29 –1.01 –0.59
Structures................................................. 0.27 0.49 0.39 0.07 0.52 0.63 0.32 0.05 0.50 0.75 0.91 0.42 0.27 0.56 0.00 –0.31 –2.28 –0.69 –0.68
Equipment and software .......................... 0.58 0.20 –0.20 0.18 1.32 0.17 0.17 0.22 –0.04 0.51 0.19 0.36 –0.02 –0.38 –0.73 –2.15 –3.01 –0.32 0.10
Information processing equipment and
software ............................................ 0.31 0.29 0.22 0.15 0.59 0.10 0.34 0.11 0.46 0.19 0.32 0.53 0.39 0.26 –0.17 –0.70 –0.79 0.19 0.27
Computers and peripheral
equipment ..................................... 0.13 0.11 0.05 0.18 0.16 0.09 0.16 0.01 0.18 0.02 0.13 0.20 0.12 0.03 –0.19 –0.19 –0.08 0.08 0.05
Software............................................ 0.07 0.11 0.11 0.01 0.07 0.07 0.11 0.13 0.07 0.12 0.11 0.20 0.22 0.09 –0.06 –0.17 –0.47 0.02 0.09
Other................................................. 0.10 0.08 0.06 –0.04 0.36 –0.07 0.06 –0.03 0.22 0.05 0.08 0.12 0.05 0.14 0.07 –0.34 –0.24 0.09 0.13
Industrial equipment ............................. 0.10 0.06 –0.05 0.20 –0.06 0.34 –0.05 0.03 –0.10 0.45 –0.03 –0.22 0.02 –0.02 –0.15 –0.20 –0.82 –0.18 –0.15
Transportation equipment..................... 0.12 –0.14 –0.35 –0.22 0.62 –0.26 –0.01 0.05 –0.22 –0.30 –0.18 0.00 –0.27 –0.58 –0.54 –0.87 –0.92 0.09 0.10
Other equipment................................... 0.05 –0.01 –0.03 0.04 0.17 –0.01 –0.11 0.03 –0.18 0.16 0.08 0.05 –0.16 –0.04 0.13 –0.38 –0.48 –0.42 –0.12
Residential ................................................... –0.45 –1.05 –1.00 0.01 –0.27 –1.12 –1.36 –1.18 –0.89 –0.66 –1.14 –1.44 –1.24 –0.60 –0.57 –0.81 –1.33 –0.67 0.43
Change in private inventories....................... 0.07 –0.30 –0.37 2.21 –0.49 0.22 –0.13 –1.08 –0.61 0.32 0.19 –0.63 –0.21 –1.25 0.26 –0.64 –2.36 –1.42 0.69
Farm............................................................. –0.03 0.03 –0.04 –0.06 0.04 –0.36 0.06 0.08 0.27 –0.31 0.06 0.03 –0.29 0.34 –0.09 0.10 0.05 0.05 –0.01
Nonfarm ....................................................... 0.10 –0.33 –0.33 2.27 –0.53 0.58 –0.19 –1.15 –0.88 0.64 0.13 –0.66 0.08 –1.59 0.35 –0.74 –2.41 –1.47 0.70
Net exports of goods and services.................. –0.05 0.63 1.20 –0.74 0.44 0.02 –0.71 1.94 –0.29 0.66 1.36 2.24 0.36 2.35 –0.10 0.45 2.64 1.65 –0.81
Exports ........................................................... 0.93 0.96 0.64 1.03 1.64 0.72 0.06 1.84 0.39 0.58 1.99 1.65 –0.02 1.47 –0.48 –2.67 –3.95 –0.45 1.78
Goods .......................................................... 0.68 0.57 0.48 0.81 1.23 0.54 0.01 0.96 0.23 0.48 1.11 0.97 0.34 1.17 –0.17 –2.50 –3.41 –0.45 1.58
Services ....................................................... 0.25 0.39 0.16 0.23 0.41 0.18 0.05 0.87 0.16 0.10 0.88 0.68 –0.36 0.30 –0.31 –0.17 –0.54 0.00 0.20
Imports ........................................................... –0.98 –0.33 0.56 –1.78 –1.20 –0.70 –0.78 0.10 –0.68 0.08 –0.63 0.60 0.38 0.88 0.38 3.12 6.58 2.09 –2.59
Goods .......................................................... –0.80 –0.24 0.58 –1.55 –0.81 –0.66 –0.74 0.35 –0.67 0.13 –0.41 0.51 0.46 0.67 0.55 3.09 6.25 1.89 –2.41
Services ....................................................... –0.18 –0.09 –0.02 –0.23 –0.39 –0.05 –0.04 –0.25 –0.01 –0.05 –0.22 0.08 –0.08 0.21 –0.17 0.03 0.34 0.21 –0.18
gross investment ........................................... 0.26 0.32 0.59 –0.34 0.75 0.06 0.11 0.21 0.00 0.82 0.75 0.31 0.51 0.71 0.95 0.24 –0.52 1.33 0.55
Federal............................................................ 0.15 0.09 0.53 –0.47 0.79 –0.24 –0.03 0.08 –0.36 0.50 0.63 0.19 0.56 0.55 0.93 0.49 –0.33 0.85 0.62
National defense .......................................... 0.07 0.10 0.37 –0.72 0.46 0.05 –0.09 0.38 –0.37 0.39 0.46 0.03 0.39 0.34 0.93 0.20 –0.27 0.70 0.45
Consumption expenditures....................... 0.03 0.07 0.27 –0.65 0.40 –0.11 0.02 0.24 –0.31 0.24 0.43 0.03 0.27 0.10 0.81 0.15 –0.22 0.53 0.36
Gross investment ..................................... 0.04 0.04 0.10 –0.07 0.06 0.15 –0.11 0.14 –0.06 0.15 0.03 0.00 0.11 0.24 0.13 0.05 –0.05 0.17 0.09
Nondefense.................................................. 0.07 –0.01 0.16 0.25 0.32 –0.29 0.06 –0.30 0.01 0.11 0.17 0.16 0.17 0.21 0.00 0.29 –0.06 0.15 0.17
Consumption expenditures....................... 0.05 –0.02 0.14 0.15 0.30 –0.23 0.06 –0.30 0.02 0.08 0.14 0.16 0.18 0.16 –0.02 0.16 0.06 0.12 0.14
Gross investment ..................................... 0.02 0.00 0.02 0.10 0.02 –0.07 0.01 0.00 –0.01 0.03 0.03 0.00 –0.01 0.05 0.02 0.13 –0.11 0.03 0.04
State and local ............................................... 0.11 0.23 0.06 0.13 –0.03 0.30 0.14 0.14 0.36 0.32 0.11 0.12 –0.05 0.15 0.01 –0.25 –0.19 0.48 –0.08
Consumption expenditures....................... 0.07 0.17 0.07 –0.01 0.02 0.08 0.18 0.24 0.18 0.21 0.09 0.07 0.07 0.02 0.08 0.04 –0.04 0.01 –0.20
Gross investment ..................................... 0.04 0.06 –0.01 0.14 –0.05 0.22 –0.04 –0.10 0.18 0.11 0.02 0.05 –0.13 0.14 –0.06 –0.28 –0.15 0.47 0.12
Addenda:
Goods .............................................................. 1.40 1.01 0.11 1.41 3.17 0.52 0.03 1.94 –0.22 1.64 1.88 1.95 –0.55 0.36 –1.91 –4.54 –2.19 –0.84 1.60
Services........................................................... 1.45 1.61 0.94 0.49 2.07 1.20 1.19 2.19 1.65 1.34 1.92 1.17 0.94 0.96 –0.22 0.46 –0.53 0.96 0.70
Structures ........................................................ –0.18 –0.49 –0.61 0.19 0.11 –0.27 –1.12 –1.18 –0.23 0.24 –0.21 –1.00 –1.12 0.13 –0.55 –1.30 –3.70 –0.86 –0.06
Motor vehicle output ........................................ –0.04 –0.04 –0.52 –1.03 0.43 –0.25 0.12 –0.33 –0.03 0.17 0.10 –0.30 –0.64 –1.08 –0.15 –1.41 –1.69 0.19 1.45
Final sales of computers.................................. 0.14 0.13 0.12 0.19 0.18 0.11 0.07 0.13 0.02 0.15 0.29 0.19 0.06 0.16 –0.02 0.02 0.06 –0.04 –0.08
r Revised
Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period
Billions of current dollars Billions of chained (2005) dollars
Change from
Seasonally adjusted at annual rates Seasonally adjusted at annual rates
preceding period
2008 2008 2008
2008 2009 2008 2009 2009
III IV I II III r III IV I II III r II III r
Gross domestic product ................................. 14,441.4 14,546.7 14,347.3 14,178.0 14,151.2 14,242.1 13,312.2 13,324.6 13,141.9 12,925.4 12,901.5 12,973.0 58.1 –23.9 71.5
Personal consumption expenditures .................... 10,129.9 10,220.1 10,009.8 9,987.7 9,999.3 10,132.9 9,290.9 9,267.7 9,195.3 9,209.2 9,189.0 9,252.6 –23.0 –20.2 63.6
Goods ................................................................... 3,403.2 3,463.0 3,227.5 3,197.7 3,193.8 3,292.3 3,206.0 3,193.6 3,110.4 3,129.8 3,105.4 3,159.6 –67.7 –24.4 54.2
Durable goods ................................................... 1,095.2 1,088.5 1,019.9 1,025.2 1,011.5 1,051.3 1,146.3 1,139.6 1,076.8 1,087.2 1,071.7 1,122.7 –53.6 –15.5 51.0
Motor vehicles and parts................................ 342.3 332.7 296.4 300.6 299.5 331.7 347.5 337.8 306.2 311.2 306.2 335.2 –54.9 –5.0 29.0
Furnishings and durable household
equipment .................................................. 270.1 269.4 259.1 255.7 251.3 251.6 275.5 274.4 264.2 259.4 254.2 258.4 –8.1 –5.2 4.2
Recreational goods and vehicles ................... 339.9 342.0 327.3 329.6 321.3 326.8 403.0 407.6 394.3 403.1 398.4 414.8 20.6 –4.7 16.4
Other durable goods ...................................... 142.8 144.3 137.1 139.3 139.4 141.3 128.0 128.3 121.4 123.5 122.9 124.9 –6.5 –0.6 2.0
Nondurable goods ............................................. 2,308.0 2,374.5 2,207.6 2,172.4 2,182.2 2,241.0 2,057.3 2,051.5 2,026.1 2,035.5 2,025.7 2,033.3 –17.5 –9.8 7.6
Food and beverages purchased for off-
premises consumption ............................... 784.3 793.4 787.5 786.5 786.3 789.4 700.7 699.6 686.4 687.4 693.5 700.1 0.0 6.1 6.6
Clothing and footwear .................................... 337.5 338.0 326.5 327.9 321.6 324.8 345.0 343.3 335.4 334.0 326.9 326.7 –0.9 –7.1 –0.2
Gasoline and other energy goods.................. 413.0 461.4 321.2 271.0 279.4 324.4 287.4 280.1 287.2 293.2 294.0 292.7 –13.3 0.8 –1.3
Other nondurable goods ................................ 773.2 781.7 772.5 787.0 795.0 802.3 728.7 735.4 720.8 724.7 714.5 716.7 –0.7 –10.2 2.2
Services................................................................ 6,726.8 6,757.1 6,782.3 6,790.0 6,805.6 6,840.6 6,083.1 6,072.4 6,080.4 6,076.0 6,078.8 6,090.6 42.3 2.8 11.8
Household consumption expenditures (for
services) ........................................................ 6,448.0 6,474.5 6,494.1 6,522.0 6,545.9 6,575.7 5,817.6 5,805.2 5,806.6 5,817.2 5,826.7 5,834.3 21.5 9.5 7.6
Housing and utilities....................................... 1,843.7 1,852.2 1,872.1 1,878.8 1,871.1 1,872.5 1,647.2 1,641.6 1,656.3 1,656.9 1,651.8 1,654.0 15.4 –5.1 2.2
Health care..................................................... 1,554.2 1,559.3 1,574.9 1,598.0 1,622.6 1,633.0 1,416.4 1,416.1 1,422.4 1,434.3 1,448.2 1,448.6 40.9 13.9 0.4
Transportation services.................................. 307.8 309.1 305.7 301.6 301.1 306.3 273.8 272.1 266.7 261.9 262.5 265.0 –14.5 0.6 2.5
Recreation services ....................................... 383.1 385.9 380.9 383.4 381.5 382.5 349.8 349.6 346.1 347.7 346.3 343.6 –0.2 –1.4 –2.7
Food services and accommodations ............. 608.7 614.7 607.3 607.3 606.0 603.7 545.4 547.3 535.9 533.7 530.5 527.9 –2.3 –3.2 –2.6
Financial services and insurance................... 835.6 837.3 823.5 816.7 824.9 832.4 759.8 758.5 750.6 751.4 756.1 761.8 –12.5 4.7 5.7
Other services................................................ 915.0 915.9 929.8 936.0 938.7 945.3 825.7 820.6 829.2 832.2 832.4 834.6 –5.3 0.2 2.2
Final consumption expenditures of nonprofit
institutions serving households...................... 278.7 282.6 288.2 268.0 259.7 264.9 266.6 268.4 275.4 259.4 252.0 256.5 21.7 –7.4 4.5
Gross output of nonprofit institutions ............. 1,049.4 1,055.2 1,066.1 1,060.8 1,065.8 1,070.7 956.7 957.2 965.1 957.8 958.2 957.0 32.1 0.4 –1.2
Less: Receipts from sales of goods and
services by nonprofit institutions ................ 770.7 772.7 778.0 792.7 806.1 805.8 691.0 689.8 691.0 698.7 705.7 700.5 11.0 7.0 –5.2
Gross private domestic investment....................... 2,136.1 2,142.7 2,022.1 1,689.9 1,561.5 1,556.1 1,989.4 1,990.7 1,857.7 1,558.5 1,456.7 1,474.4 –156.8 –101.8 17.7
Fixed investment ................................................. 2,170.8 2,179.7 2,066.6 1,817.2 1,737.7 1,712.6 2,018.4 2,020.4 1,909.3 1,687.5 1,631.9 1,626.7 –107.9 –55.6 –5.2
Nonresidential.................................................... 1,693.6 1,711.0 1,638.7 1,442.6 1,391.8 1,353.9 1,569.7 1,579.2 1,496.1 1,321.2 1,288.4 1,269.0 25.4 –32.8 –19.4
Structures....................................................... 609.5 620.4 620.7 533.1 494.8 457.9 486.8 493.1 484.0 419.4 400.0 380.2 45.4 –19.4 –19.8
Equipment and software ................................ 1,084.1 1,090.6 1,018.0 909.5 897.0 895.9 1,068.6 1,071.0 993.7 887.5 876.5 879.8 –28.4 –11.0 3.3
Information processing equipment and
software .................................................. 562.9 568.8 540.2 508.3 512.2 519.0 588.8 594.5 567.6 537.5 544.8 554.9 33.1 7.3 10.1
Computers and peripheral equipment .... 86.7 84.3 75.8 71.1 72.0 72.5 .............. .............. .............. .............. .............. .............. .............. .............. ..............
Software ................................................. 264.1 266.4 258.7 240.5 240.2 241.4 257.0 258.3 252.2 235.5 236.2 239.2 15.5 0.7 3.0
Other ...................................................... 212.1 218.1 205.6 196.7 200.1 205.1 211.1 216.7 204.3 195.8 199.1 203.9 8.8 3.3 4.8
Industrial equipment................................... 193.8 194.8 187.9 157.8 151.4 146.5 174.7 173.7 167.2 140.8 135.2 130.4 –6.2 –5.6 –4.8
Transportation equipment........................... 132.3 125.9 95.3 65.4 70.6 73.2 128.9 121.7 90.9 59.8 62.7 66.0 –48.5 2.9 3.3
Other equipment ........................................ 195.1 201.1 194.7 178.0 162.7 157.2 180.3 185.4 172.6 157.3 144.0 140.1 –3.8 –13.3 –3.9
Residential ......................................................... 477.2 468.6 427.8 374.6 345.9 358.8 451.1 443.3 415.0 367.9 344.4 359.6 –133.9 –23.5 15.2
Change in private inventories ............................ –34.8 –37.0 –44.5 –127.4 –176.2 –156.5 –25.9 –29.7 –37.4 –113.9 –160.2 –139.2 –45.4 –46.3 21.0
Farm .................................................................. –7.1 –7.5 –3.7 –1.3 0.6 0.0 –5.3 –5.0 –1.9 0.3 2.2 1.9 –4.5 1.9 –0.3
Nonfarm ............................................................. –27.7 –29.4 –40.8 –126.1 –176.8 –156.5 –20.4 –24.5 –35.7 –114.9 –163.1 –141.4 –40.8 –48.2 21.7
Net exports of goods and services ....................... –707.8 –757.5 –590.5 –378.5 –339.1 –402.2 –494.3 –479.2 –470.9 –386.5 –330.4 –357.4 153.4 56.1 –27.0
Exports ................................................................. 1,831.1 1,913.1 1,706.2 1,509.3 1,493.7 1,573.8 1,629.3 1,655.2 1,568.0 1,434.5 1,419.5 1,478.8 83.2 –15.0 59.3
Goods ................................................................ 1,266.9 1,338.5 1,155.7 989.5 978.1 1,045.2 1,127.5 1,154.8 1,072.9 956.1 940.7 993.9 62.7 –15.4 53.2
Services............................................................. 564.2 574.6 550.5 519.8 515.6 528.5 501.7 500.4 494.9 477.2 477.4 483.9 20.4 0.2 6.5
Imports ................................................................. 2,538.9 2,670.5 2,296.7 1,887.9 1,832.8 1,976.0 2,123.5 2,134.4 2,038.9 1,821.0 1,749.8 1,836.2 –70.3 –71.2 86.4
Goods ................................................................ 2,126.4 2,243.3 1,892.5 1,508.2 1,461.1 1,592.8 1,767.3 1,777.1 1,682.6 1,474.4 1,409.4 1,490.6 –72.3 –65.0 81.2
Services............................................................. 412.4 427.2 404.2 379.6 371.7 383.1 356.5 357.7 356.9 346.2 339.5 345.3 2.3 –6.7 5.8
gross investment ................................................. 2,883.2 2,941.4 2,905.9 2,879.0 2,929.4 2,955.4 2,518.1 2,536.6 2,544.0 2,527.2 2,568.6 2,585.5 75.0 41.4 16.9
Federal.................................................................. 1,082.6 1,108.3 1,114.3 1,106.7 1,138.3 1,164.3 975.9 991.6 1,007.3 996.3 1,023.5 1,043.3 69.5 27.2 19.8
National defense................................................ 737.9 763.6 758.9 750.7 776.2 795.8 659.4 675.4 681.7 672.8 695.2 709.3 47.9 22.4 14.1
Consumption expenditures ............................ 634.0 655.2 648.8 642.9 662.7 679.3 561.6 574.0 578.7 571.5 588.2 599.6 34.2 16.7 11.4
Gross investment ........................................... 103.9 108.4 110.1 107.8 113.5 116.5 98.4 102.1 103.8 102.0 107.8 110.7 14.1 5.8 2.9
Nondefense ....................................................... 344.7 344.7 355.3 356.0 362.1 368.5 316.4 315.9 325.4 323.4 328.2 333.8 21.5 4.8 5.6
Consumption expenditures ............................ 300.4 300.7 306.6 311.3 316.4 321.9 273.5 273.3 278.4 280.1 284.0 288.3 18.3 3.9 4.3
Gross investment ........................................... 44.3 44.0 48.8 44.7 45.7 46.6 43.0 42.6 47.2 43.3 44.3 45.5 3.3 1.0 1.2
State and local ..................................................... 1,800.6 1,833.1 1,791.7 1,772.3 1,791.2 1,791.1 1,543.7 1,547.0 1,539.3 1,533.3 1,548.0 1,545.5 7.0 14.7 –2.5
Consumption expenditures ............................ 1,452.4 1,480.4 1,441.7 1,424.4 1,429.9 1,429.8 1,251.5 1,252.5 1,253.6 1,252.3 1,252.7 1,246.6 8.9 0.4 –6.1
Gross investment ........................................... 348.2 352.7 350.0 347.9 361.3 361.3 292.3 294.4 285.9 281.5 294.9 298.4 –1.7 13.4 3.5
Residual .................................................................... ............... ............... ............... .............. .............. .............. –1.2 1.0 8.4 –1.1 –2.9 –13.7 .............. .............. ..............
Addenda:
Final sales of domestic product............................. 14,476.2 14,583.7 14,391.8 14,305.3 14,327.4 14,398.7 13,341.2 13,354.3 13,193.5 13,055.8 13,077.8 13,127.2 106.9 22.0 49.4
Gross domestic purchases.................................... 15,149.2 15,304.2 14,937.8 14,556.5 14,490.3 14,644.3 13,801.2 13,798.8 13,604.0 13,303.1 13,225.9 13,323.8 –100.4 –77.2 97.9
Final sales to domestic purchasers ....................... 15,183.9 15,341.1 14,982.3 14,683.9 14,666.5 14,800.9 13,829.8 13,828.0 13,654.9 13,432.7 13,401.4 13,477.2 –52.1 –31.3 75.8
Gross domestic product ..................................... 14,441.4 14,546.7 14,347.3 14,178.0 14,151.2 14,242.1 13,312.2 13,324.6 13,141.9 12,925.4 12,901.5 12,973.0 58.1 –23.9 71.5
Plus: Income receipts from the rest of the world ... 809.2 825.6 714.4 579.6 571.3 590.6 739.3 746.0 652.7 530.9 522.5 538.2 –72.6 –8.4 15.7
Less: Income payments to the rest of the world .... 667.3 664.8 607.4 479.7 478.6 469.1 609.1 600.3 554.2 438.5 437.5 427.5 –94.1 –1.0 –10.0
Equals: Gross national product ......................... 14,583.3 14,707.5 14,454.3 14,277.9 14,243.8 14,363.7 13,442.6 13,470.7 13,240.5 13,018.1 12,986.8 13,084.0 79.8 –31.3 97.2
Net domestic product............................................. 12,594.3 12,688.5 12,466.4 12,294.4 12,287.2 12,391.4 11,597.1 11,603.3 11,416.0 11,193.2 11,167.0 11,235.2 3.2 –26.2 68.2
r Revised
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s
relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
2006 2007 2008 2005 2006 2007 2008 2009
Gross domestic product (GDP) ................ 3.3 2.9 2.1 3.4 3.0 3.6 3.1 1.8 4.2 2.7 1.6 2.3 1.9 1.8 4.0 0.1 1.9 0.0 0.4
Personal consumption expenditures .................. 2.7 2.7 3.3 3.6 1.7 3.0 3.0 –0.1 3.7 3.2 2.3 5.1 3.7 3.9 4.7 –5.0 –1.5 1.4 2.6
Goods.................................................................. 1.5 1.3 3.3 1.4 –0.3 2.6 2.2 –5.8 3.2 3.7 0.3 7.0 5.2 3.8 6.8 –16.1 –6.0 2.7 5.4
Durable goods ................................................. –1.5 –1.8 –1.2 –0.7 –1.2 –1.6 –1.9 –2.0 –1.6 –1.4 –2.8 –1.4 0.0 –0.9 –1.2 –3.3 –1.7 0.3 –3.1
Nondurable goods ........................................... 3.2 2.9 5.6 2.6 0.1 5.0 4.5 –7.7 5.9 6.6 1.9 11.5 7.8 6.1 10.8 –21.5 –7.9 3.8 9.6
Services............................................................... 3.4 3.4 3.4 4.7 2.8 3.3 3.3 3.1 4.0 2.9 3.4 4.2 2.9 4.0 3.6 1.0 0.7 0.7 1.3
Gross private domestic investment..................... 4.4 2.2 0.6 5.7 4.7 3.5 2.5 3.8 2.8 0.6 0.8 1.0 –1.6 0.6 2.3 5.3 –1.8 –4.5 –5.7
Fixed investment.................................................. 4.4 2.2 0.8 5.7 4.7 3.5 2.4 3.7 2.7 0.8 0.8 1.1 –0.7 1.1 2.5 1.3 –2.0 –4.4 –4.4
Nonresidential.................................................. 3.5 2.6 1.6 4.7 3.5 3.3 3.0 3.9 3.2 1.6 0.9 1.3 –0.3 2.1 4.4 4.4 –1.3 –4.2 –4.9
Structures..................................................... 12.9 7.4 3.2 18.5 11.8 11.4 8.0 11.5 9.2 3.7 3.3 3.4 0.6 2.7 6.7 7.9 –3.5 –10.2 –10.1
Equipment and software .............................. 0.2 0.5 0.7 0.1 0.6 0.3 1.0 0.7 0.6 0.6 –0.2 0.2 –0.7 1.7 3.1 2.5 0.1 –0.6 –1.9
Residential ....................................................... 6.1 1.3 –1.6 7.7 7.1 4.1 1.3 3.4 1.5 –1.1 0.6 0.9 –1.5 –1.6 –3.8 –9.5 –4.9 –5.2 –2.7
Change in private inventories .............................. .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... ..........
Net exports of goods and services ..................... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... ..........
Exports ................................................................ 3.4 3.5 4.9 3.1 2.9 5.2 5.0 0.2 3.6 4.5 3.3 6.7 7.6 10.2 6.3 –21.4 –12.6 0.1 4.6
Goods .............................................................. 3.3 3.6 5.0 2.7 2.7 5.5 5.5 0.9 3.1 4.2 3.0 6.8 8.3 12.1 5.6 –25.4 –14.8 1.9 4.6
Services........................................................... 3.7 3.5 4.8 3.8 3.4 4.4 3.9 –1.6 4.5 5.1 4.2 6.5 6.0 6.0 7.8 –11.9 –8.1 –3.3 4.5
Imports ................................................................ 4.1 3.7 10.7 8.1 1.6 4.2 3.1 –4.6 3.2 6.3 6.2 20.5 15.5 21.4 7.1 –34.3 –28.3 4.2 11.4
Goods .............................................................. 4.2 3.7 11.4 9.7 0.8 4.0 3.2 –5.4 3.4 6.2 6.1 22.9 17.2 22.4 7.1 –37.0 –31.6 5.5 12.9
Services........................................................... 3.8 3.9 7.2 –0.4 6.2 5.5 2.7 –0.2 2.3 7.2 6.6 8.7 7.0 16.9 7.5 –19.1 –12.1 –0.7 5.5
gross investment ............................................... 4.8 4.5 4.5 4.9 5.3 5.6 3.1 2.4 7.1 4.7 2.7 5.5 6.3 6.3 4.2 –5.8 –1.1 0.4 0.9
Federal ................................................................ 4.1 3.5 3.0 1.2 9.8 4.3 1.2 0.5 8.6 3.5 0.6 2.5 5.6 4.4 1.9 –4.1 1.7 0.5 1.4
National defense.............................................. 4.4 3.7 3.3 1.6 10.5 4.6 1.5 0.3 8.3 4.1 1.2 3.3 5.5 5.7 2.4 –6.0 0.9 0.3 1.9
Nondefense ..................................................... 3.5 3.1 2.1 0.4 8.4 3.7 0.7 0.9 9.0 2.3 –0.7 0.9 6.0 1.7 0.8 0.2 3.3 0.9 0.3
State and local..................................................... 5.3 5.1 5.4 7.1 2.8 6.4 4.2 3.4 6.3 5.3 3.9 7.3 6.6 7.4 5.6 –6.9 –2.8 0.4 0.6
Addenda:
Final sales of domestic product........................... 3.3 2.9 2.1 3.4 3.0 3.6 3.1 1.8 4.2 2.7 1.6 2.3 2.0 1.9 4.0 –0.5 1.8 –0.1 0.5
Gross domestic purchases.................................. 3.4 2.9 3.2 4.1 2.8 3.6 2.9 1.0 4.2 3.1 2.2 4.6 3.4 3.9 4.3 –3.8 –1.4 0.5 1.3
Final sales to domestic purchasers ..................... 3.4 2.9 3.2 4.1 2.8 3.6 2.9 1.0 4.2 3.1 2.2 4.6 3.5 4.0 4.3 –4.3 –1.5 0.5 1.4
Gross national product (GNP) ............................. 3.3 2.9 2.1 3.4 3.0 3.6 3.1 1.8 4.3 2.7 1.6 2.3 1.9 1.8 4.0 0.0 1.8 0.0 0.4
Implicit price deflators:
GDP ................................................................. 3.3 2.9 2.1 3.4 3.0 3.6 3.1 1.8 4.3 2.7 1.7 2.4 1.7 2.0 4.1 0.0 1.9 0.0 0.4
Gross domestic purchases .............................. 3.4 2.9 3.2 4.2 2.8 3.5 2.9 0.9 4.2 3.0 2.2 4.6 3.2 4.1 4.4 –3.9 –1.4 0.5 1.3
GNP ................................................................. 3.3 2.9 2.1 3.4 3.0 3.6 3.1 1.8 4.3 2.7 1.7 2.4 1.8 2.0 4.2 –0.1 1.9 0.0 0.4
r Revised
Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2005=100]
Seasonally adjusted
2006 2007 2008 2008 2009

III IV I II III r
Gross domestic product ................................................................. 102.673 104.872 105.331 105.430 103.984 102.271 102.082 102.648
Personal consumption expenditures............................................................ 102.886 105.612 105.351 105.088 104.267 104.425 104.196 104.917
Goods ........................................................................................................... 103.251 106.499 104.296 103.895 101.186 101.817 101.023 102.789
Durable goods........................................................................................... 104.064 108.543 103.692 103.083 97.401 98.345 96.947 101.561
Nondurable goods..................................................................................... 102.805 105.405 104.513 104.219 102.929 103.405 102.911 103.295
Services ........................................................................................................ 102.692 105.147 105.883 105.697 105.837 105.761 105.809 106.014
Gross private domestic investment .............................................................. 102.678 98.801 91.585 91.643 85.519 71.746 67.059 67.874
Fixed investment ........................................................................................... 102.309 100.189 95.106 95.199 89.964 79.514 76.895 76.647
Nonresidential ........................................................................................... 107.913 114.617 116.502 117.210 111.040 98.061 95.623 94.183
Structures .............................................................................................. 109.180 125.495 138.392 140.191 137.603 119.243 113.716 108.074
Equipment and software........................................................................ 107.434 110.184 107.332 107.577 99.808 89.143 88.036 88.370
Residential ................................................................................................ 92.679 75.490 58.213 57.208 53.549 47.478 44.436 46.403
Change in private inventories........................................................................ .................. .................. .................. ................... .................. .................. ................... ...................
Exports of goods and services ..................................................................... 108.962 118.472 124.842 126.828 120.149 109.922 108.766 113.315
Imports of goods and services ..................................................................... 106.086 108.188 104.721 105.259 100.547 89.804 86.292 90.554
Government consumption expenditures and gross investment................ 101.359 103.090 106.252 107.036 107.346 106.639 108.386 109.097
Federal.......................................................................................................... 102.127 103.434 111.362 113.152 114.946 113.693 116.801 119.057
State and local .............................................................................................. 100.910 102.886 103.355 103.576 103.061 102.660 103.640 103.479
Addenda:
Final sales of domestic product .................................................................... 102.611 105.131 105.980 106.084 104.806 103.713 103.888 104.280
Gross domestic purchases ........................................................................... 102.579 104.046 103.294 103.276 101.818 99.566 98.988 99.721
Final sales to domestic purchasers............................................................... 102.520 104.288 103.896 103.883 102.583 100.913 100.678 101.247
Gross national product.................................................................................. 102.438 104.925 105.552 105.773 103.965 102.219 101.973 102.737
r Revised
Table 6. Price Indexes for Gross Domestic Product

[Index numbers, 2005=100]
Seasonally adjusted
2006 2007 2008 2008 2009
III IV I II III r
Gross domestic product ................................................................. 103.263 106.221 108.481 109.130 109.155 109.661 109.656 109.763
Personal consumption expenditures (PCE) ................................................. 102.746 105.502 109.031 110.273 108.855 108.449 108.814 109.510
Goods ........................................................................................................... 101.508 102.789 106.150 108.451 103.784 102.186 102.864 104.216
Durable goods........................................................................................... 98.488 96.714 95.537 95.537 94.743 94.326 94.407 93.660
Nondurable goods..................................................................................... 103.215 106.250 112.188 115.759 108.971 106.739 107.736 110.227
Services ........................................................................................................ 103.411 106.964 110.582 111.275 111.542 111.749 111.954 112.312
Gross private domestic investment .............................................................. 104.371 106.677 107.355 107.350 108.738 108.245 107.019 105.465
Fixed investment ........................................................................................... 104.419 106.718 107.551 107.866 108.217 107.668 106.463 105.265
Nonresidential ........................................................................................... 103.534 106.209 107.897 108.314 109.498 109.154 107.993 106.656
Structures .............................................................................................. 112.922 121.275 125.207 125.814 128.238 127.092 123.706 120.451
Equipment and software........................................................................ 100.194 100.715 101.455 101.797 102.415 102.450 102.304 101.802
Residential ................................................................................................ 106.081 107.513 105.779 105.807 103.198 101.915 100.554 99.863
Change in private inventories........................................................................ .................. .................. .................. .................. ................... ................... .................. ..................
Exports of goods and services ..................................................................... 103.447 107.103 112.389 115.638 108.871 105.265 105.284 106.473
Imports of goods and services ..................................................................... 104.144 108.017 119.559 125.203 112.730 103.746 104.821 107.688
Government consumption expenditures and gross investment................ 104.842 109.552 114.502 115.963 114.233 113.924 114.051 114.312
Federal.......................................................................................................... 104.107 107.754 110.938 111.784 110.628 111.084 111.214 111.601
State and local .............................................................................................. 105.276 110.615 116.642 118.493 116.396 115.587 115.713 115.889
Addenda:
1
PCE excluding food and energy ................................................................. 102.292 104.699 107.207 107.652 107.866 108.173 108.712 109.027
Market-based PCE 2 ..................................................................................... 102.762 105.334 108.954 110.280 108.781 108.452 108.848 109.606
Market-based PCE excluding food and energy 2 .......................................... 102.234 104.368 106.811 107.219 107.616 108.133 108.737 109.060
Final sales of domestic product .................................................................... 103.266 106.226 108.507 109.202 109.078 109.566 109.550 109.681
Gross domestic purchases ........................................................................... 103.380 106.408 109.765 110.871 109.790 109.395 109.533 109.895
Final sales to domestic purchasers............................................................... 103.384 106.412 109.792 110.940 109.718 109.311 109.437 109.819
Gross national product.................................................................................. 103.265 106.223 108.484 109.138 109.149 109.647 109.648 109.760
Implicit price deflators:
Gross domestic product ............................................................................ 103.257 106.214 108.483 109.172 109.172 109.691 109.686 109.783
Final sales of domestic product................................................................. 103.266 106.226 108.507 109.206 109.083 109.571 109.555 109.686
Gross domestic purchases........................................................................ 103.375 106.400 109.767 110.910 109.805 109.422 109.560 109.911
Final sales to domestic purchasers........................................................... 103.384 106.412 109.792 110.942 109.721 109.314 109.440 109.822
Gross national product .............................................................................. 103.260 106.215 108.486 109.181 109.167 109.678 109.679 109.780
r Revised
1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial
services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda
to table 8 and appendix table A.
Table 7. Real Gross Domestic Product: Percent Change From Preceding Year
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Gross domestic product (GDP) .............................................. 2.9 4.1 2.5 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.6 3.1 2.7 2.1 0.4
Personal consumption expenditures ................................................ 3.6 3.8 2.7 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.5 3.4 2.9 2.6 –0.2
Goods................................................................................................ 4.2 5.3 3.0 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.4 4.0 3.3 3.1 –2.1
Durable goods ............................................................................... 7.5 8.0 3.9 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.0 6.6 5.2 4.1 4.3 –4.5
Nondurable goods ......................................................................... 2.5 3.9 2.5 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.7 3.2 3.4 2.8 2.5 –0.8
Services............................................................................................. 3.2 3.0 2.5 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.9 3.0 2.7 2.4 0.7
Gross private domestic investment................................................... 8.9 13.6 3.1 8.8 12.4 10.0 8.8 6.8 –7.0 –1.4 3.6 10.0 5.5 2.7 –3.8 –7.3
Fixed investment................................................................................ 8.6 9.4 6.4 9.0 9.2 10.9 9.3 7.4 –1.9 –4.2 3.2 7.3 6.5 2.3 –2.1 –5.1
Nonresidential................................................................................ 8.7 9.2 10.5 9.3 12.1 12.0 10.4 9.8 –2.8 –7.9 0.9 6.0 6.7 7.9 6.2 1.6
Structures................................................................................... –0.6 1.8 6.4 5.7 7.3 5.1 0.1 7.8 –1.5 –17.7 –3.8 1.1 1.4 9.2 14.9 10.3
Equipment and software ............................................................ 12.5 11.9 12.0 10.6 13.8 14.5 14.1 10.5 –3.2 –4.2 2.5 7.7 8.5 7.4 2.6 –2.6
Residential ..................................................................................... 8.2 9.7 –3.3 8.0 1.9 7.7 6.3 1.0 0.6 5.2 8.2 9.8 6.2 –7.3 –18.5 –22.9
Change in private inventories ............................................................ ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ...........
Net exports of goods and services ................................................... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ...........
Exports .............................................................................................. 3.3 8.7 10.1 8.3 11.9 2.3 4.4 8.6 –5.6 –2.0 1.6 9.5 6.7 9.0 8.7 5.4
Goods ............................................................................................ 3.3 9.7 11.7 8.8 14.4 2.2 3.8 11.1 –6.2 –3.6 1.8 8.5 7.5 9.4 7.4 5.9
Services......................................................................................... 3.3 6.4 6.3 7.0 5.9 2.4 5.7 2.7 –4.1 1.9 1.2 11.9 5.0 7.9 11.8 4.2
Imports .............................................................................................. 8.6 11.9 8.0 8.7 13.5 11.7 11.5 13.0 –2.8 3.4 4.4 11.0 6.1 6.1 2.0 –3.2
Goods ............................................................................................ 10.0 13.4 9.0 9.4 14.4 11.8 12.5 13.4 –3.2 3.7 4.9 11.0 6.8 5.9 1.7 –3.9
Services......................................................................................... 2.7 5.3 3.0 5.2 8.7 10.9 6.8 11.0 –0.8 1.8 1.9 11.2 2.8 7.1 3.5 0.7
Government consumption expenditures and gross investment .... –0.8 0.0 0.6 1.0 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 0.3 1.4 1.7 3.1
Federal .............................................................................................. –3.9 –3.8 –2.7 –1.2 –1.0 –1.1 1.9 0.5 4.1 7.3 6.6 4.1 1.3 2.1 1.3 7.7
National defense............................................................................ –5.3 –4.9 –3.7 –1.3 –2.8 –2.1 1.9 –0.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.8
Nondefense ................................................................................... –0.7 –1.4 –0.4 –0.8 2.7 0.8 2.1 2.4 4.6 7.2 2.8 1.0 0.9 3.2 –0.6 7.3
State and local................................................................................... 1.5 2.6 2.7 2.3 3.6 3.9 4.5 2.8 3.7 3.3 –0.1 –0.2 –0.2 0.9 2.0 0.5
Addenda:
Final sales of domestic product......................................................... 2.8 3.5 3.0 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.4 3.2 3.2 2.6 2.5 0.8
Gross domestic purchases................................................................ 3.4 4.5 2.4 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.8 4.0 3.2 2.6 1.4 –0.7
Final sales to domestic purchasers ................................................... 3.3 3.8 2.8 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.6 3.3 2.5 1.7 –0.4
Gross national product ...................................................................... 2.8 3.9 2.6 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.6 3.7 3.1 2.4 2.4 0.6
Real disposable personal income...................................................... 1.7 3.2 3.0 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.3 4.0 2.2 0.5
Price indexes:
Gross domestic purchases ............................................................ 2.1 2.1 2.1 1.8 1.5 0.7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2
Gross domestic purchases excluding food and energy 1 ............... 2.2 2.2 2.2 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.2 2.7 2.6
GDP ............................................................................................... 2.2 2.1 2.1 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1
GDP excluding food and energy 1.................................................. 2.2 2.1 2.1 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.1 2.8 3.5 3.3 2.8 2.3
Personal consumption expenditures.............................................. 2.2 2.1 2.2 2.2 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3
Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
2005 2006 2007 2008 2009
Gross domestic product (GDP) .............................................. 2.7 3.0 3.0 2.2 2.4 1.4 1.9 2.7 2.5 2.0 1.6 0.0 –1.9 –3.3 –3.8 –2.6
Personal consumption expenditures (PCE)...................................... 2.7 3.1 2.6 2.5 3.3 3.1 2.8 2.7 2.0 0.9 0.6 –0.7 –1.8 –1.5 –1.7 –0.2
Goods................................................................................................ 2.9 3.7 2.5 2.5 4.3 3.4 3.3 3.3 2.6 0.3 0.1 –2.7 –5.9 –4.1 –4.7 –1.1
Durable goods ............................................................................... 2.1 5.4 2.3 2.3 6.3 3.6 4.4 4.6 4.6 0.8 –1.2 –5.4 –11.8 –8.9 –8.8 –1.5
Nondurable goods ......................................................................... 3.3 2.8 2.6 2.7 3.2 3.3 2.7 2.6 1.5 0.0 0.7 –1.2 –2.9 –1.7 –2.7 –0.9
Services............................................................................................. 2.6 2.7 2.7 2.6 2.8 2.9 2.6 2.4 1.7 1.3 0.9 0.3 0.3 –0.2 –0.2 0.3
Gross private domestic investment................................................... 5.0 4.4 6.1 3.5 –3.0 –5.8 –4.4 –2.8 –2.0 –2.3 –6.3 –8.1 –12.5 –25.2 –28.1 –25.9
Fixed investment................................................................................ 4.7 5.8 3.5 0.9 –0.8 –3.7 –2.4 –1.2 –0.9 –1.9 –3.4 –5.4 –9.6 –18.8 –21.0 –19.5
Nonresidential................................................................................ 4.4 7.8 8.2 7.8 7.8 4.5 5.5 6.8 7.9 7.3 4.8 0.9 –6.0 –17.4 –19.7 –19.6
Structures................................................................................... –0.1 2.5 8.2 13.2 13.0 12.2 12.3 16.2 18.9 16.5 14.5 7.9 3.2 –12.0 –18.9 –22.9
Equipment and software ............................................................ 6.1 9.8 8.1 5.9 6.0 1.6 2.7 2.7 3.2 3.1 0.2 –2.7 –10.7 –20.2 –20.2 –17.9
Residential ..................................................................................... 5.3 2.3 –4.5 –11.0 –15.7 –18.5 –17.5 –17.8 –20.5 –23.5 –24.2 –22.6 –21.0 –23.9 –25.6 –18.9
Change in private inventories ............................................................ ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ............ ............ ........... ........... ...........
Net exports of goods and services ................................................... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ............ ............ ........... ........... ...........
Exports .............................................................................................. 6.7 8.8 8.3 8.5 10.2 7.0 6.6 11.0 10.2 9.3 11.0 5.4 –3.4 –11.6 –15.0 –10.7
Goods ............................................................................................ 8.1 10.4 8.8 9.1 9.4 5.8 5.5 9.2 9.0 9.3 11.3 7.0 –3.4 –14.8 –18.9 –13.9
Services......................................................................................... 3.6 5.4 7.3 6.9 12.0 9.7 9.0 15.3 13.0 9.1 10.4 1.9 –3.5 –4.8 –6.5 –3.3
Imports .............................................................................................. 5.2 6.5 6.6 7.2 4.1 3.3 2.0 1.7 0.9 –0.8 –1.9 –3.3 –6.8 –16.2 –18.5 –14.0
Goods ............................................................................................ 5.7 6.4 6.5 7.2 3.6 3.3 1.8 1.1 0.7 –1.4 –2.3 –3.9 –8.1 –18.8 –21.4 –16.1
Services......................................................................................... 2.3 7.2 7.0 7.0 7.1 3.3 3.4 5.2 2.0 2.6 0.2 –0.4 0.2 –3.6 –3.7 –3.5
Government consumption expenditures and gross investment .... 0.7 1.6 1.6 0.8 1.5 0.5 1.5 2.3 2.5 3.1 2.9 3.2 3.0 1.7 2.5 1.9
Federal .............................................................................................. 1.2 3.6 2.6 0.2 2.2 –2.0 0.7 3.0 3.4 6.9 7.0 7.9 8.9 5.6 6.5 5.2
National defense............................................................................ 0.4 2.1 1.6 –1.6 4.4 –0.2 1.7 4.6 2.6 6.7 6.3 8.6 9.5 6.0 7.7 5.0
Nondefense ................................................................................... 2.6 6.8 4.8 3.9 –2.3 –5.5 –1.4 –0.2 5.2 7.1 8.3 6.3 7.5 4.8 3.9 5.7
State and local................................................................................... 0.4 0.4 0.9 1.2 1.2 2.0 2.0 1.9 1.9 1.0 0.7 0.5 –0.3 –0.6 0.1 –0.1
Addenda:
Final sales of domestic product......................................................... 2.7 3.3 2.5 1.8 2.8 1.8 2.2 3.0 2.7 2.1 2.1 0.5 –1.4 –2.3 –2.8 –1.7
Gross domestic purchases................................................................ 2.7 3.0 3.0 2.4 1.9 1.1 1.4 1.7 1.4 0.8 0.0 –1.2 –2.5 –4.4 –4.8 –3.4
Final sales to domestic purchasers ................................................... 2.7 3.2 2.6 2.0 2.3 1.5 1.8 2.0 1.6 0.9 0.4 –0.7 –2.1 –3.5 –3.7 –2.5
Gross national product ...................................................................... 2.7 2.8 2.8 1.8 2.4 1.3 1.8 3.3 3.3 2.8 1.9 0.1 –2.4 –3.8 –4.0 –2.9
Real disposable personal income...................................................... 0.6 3.7 3.9 3.8 4.6 3.1 2.3 2.3 1.0 0.0 2.2 –0.5 0.3 1.0 0.2 2.1
Price indexes:
Gross domestic purchases ............................................................ 4.0 3.8 3.9 3.4 2.6 2.9 2.8 2.6 3.5 3.3 3.5 4.0 1.9 0.7 –0.2 –0.9
Gross domestic purchases excluding food and energy 1 ............... 3.5 3.2 3.4 3.2 2.9 3.0 2.6 2.6 2.8 2.5 2.8 2.9 2.0 1.4 0.8 0.2
GDP ............................................................................................... 3.5 3.3 3.6 3.3 2.9 3.2 3.0 2.6 2.7 2.1 1.9 2.5 1.9 1.9 1.5 0.6
1
GDP excluding food and energy .................................................. 3.7 3.4 3.6 3.3 3.0 3.1 2.7 2.6 2.8 2.4 2.4 2.7 1.7 1.2 0.8 0.2
PCE ............................................................................................... 3.3 3.1 3.2 2.8 1.9 2.4 2.4 2.3 3.6 3.6 3.8 4.3 1.7 0.4 –0.2 –0.7
PCE excluding food and energy 1 .................................................. 2.3 2.1 2.3 2.5 2.3 2.5 2.2 2.2 2.5 2.4 2.5 2.6 2.0 1.7 1.6 1.3
Market-based PCE 2 ...................................................................... 3.2 3.1 3.3 2.9 1.8 2.2 2.3 2.0 3.5 3.6 3.7 4.6 1.9 0.6 –0.1 –0.6
Market-based PCE excluding food and energy ........................... 2 2.1 2.0 2.2 2.5 2.2 2.3 2.0 1.9 2.2 2.2 2.3 2.6 2.3 2.1 2.1 1.7
r Revised
2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without
payment) and the final consumption expenditures of nonprofit institutions serving households.
Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
2006 2007 2008 2008 2009

III IV I II III r
Gross domestic product ........................................................................................... 13,398.9 14,077.6 14,441.4 14,546.7 14,347.3 14,178.0 14,151.2 14,242.1
Plus: Income receipts from the rest of the world.......................................................... 721.1 861.8 809.2 825.6 714.4 579.6 571.3 590.6
Less: Income payments to the rest of the world .......................................................... 648.6 746.0 667.3 664.8 607.4 479.7 478.6 469.1
Equals: Gross national product ............................................................................... 13,471.3 14,193.3 14,583.3 14,707.5 14,454.3 14,277.9 14,243.8 14,363.7
Less: Consumption of fixed capital .............................................................................. 1,660.7 1,760.0 1,847.1 1,858.2 1,881.0 1,883.6 1,864.0 1,850.7
Less: Statistical discrepancy........................................................................................ –220.6 –14.8 101.0 68.3 139.4 185.4 161.7 163.2
Equals: National income........................................................................................... 12,031.2 12,448.2 12,635.2 12,781.0 12,433.9 12,208.9 12,218.1 12,349.7
Compensation of employees.................................................................................... 7,477.0 7,856.5 8,037.4 8,069.1 8,030.3 7,825.8 7,815.9 7,841.5
Wage and salary accruals.................................................................................... 6,070.1 6,402.6 6,540.8 6,567.7 6,523.5 6,327.8 6,313.1 6,333.2
Supplements to wages and salaries .................................................................... 1,406.9 1,453.8 1,496.6 1,501.4 1,506.8 1,498.0 1,502.8 1,508.3
Proprietors’ income with inventory valuation and capital consumption adjustments 1,133.0 1,096.4 1,106.3 1,114.4 1,083.6 1,037.8 1,028.0 1,037.9
Rental income of persons with capital consumption adjustment ............................. 146.5 144.9 210.4 222.2 236.7 245.9 262.0 277.9
Corporate profits with inventory valuation and capital consumption adjustments.... 1,608.3 1,541.7 1,360.4 1,454.6 1,123.6 1,182.7 1,226.5 1,358.9
Net interest and miscellaneous payments ............................................................... 652.2 739.2 815.1 806.1 854.7 826.2 784.4 759.7
Taxes on production and imports less subsidies...................................................... 935.5 974.0 993.8 1,005.7 982.1 963.2 964.6 955.4
Business current transfer payments (net) ................................................................ 83.0 102.2 118.8 116.0 131.8 137.9 145.4 124.8
Current surplus of government enterprises ............................................................. –4.2 –6.6 –6.9 –6.9 –8.9 –10.7 –8.8 –6.3
Addendum:
Gross domestic income ........................................................................................... 13,619.5 14,092.5 14,340.4 14,478.4 14,207.9 13,992.5 13,989.5 14,078.9
r Revised
Table 10. Personal Income and Its Disposition

2006 2007 2008 2008 2009
III IV I II III r
Personal income 1 ..................................................................................................... 11,268.1 11,894.1 12,238.8 12,286.6 12,233.5 11,952.7 12,048.8 12,083.9
Compensation of employees, received .................................................................... 7,475.7 7,862.7 8,042.4 8,069.1 8,050.3 7,805.8 7,815.9 7,841.5
Wage and salary disbursements.......................................................................... 6,068.9 6,408.9 6,545.9 6,567.7 6,543.5 6,307.8 6,313.1 6,333.2
Supplements to wages and salaries .................................................................... 1,406.9 1,453.8 1,496.6 1,501.4 1,506.8 1,498.0 1,502.8 1,508.3
Proprietors’ income with inventory valuation and capital consumption adjustments 1,133.0 1,096.4 1,106.3 1,114.4 1,083.6 1,037.8 1,028.0 1,037.9
Farm..................................................................................................................... 29.3 39.4 48.7 49.3 39.0 27.3 28.9 25.8
Nonfarm ............................................................................................................... 1,103.6 1,056.9 1,057.5 1,065.1 1,044.5 1,010.5 999.1 1,012.0
Rental income of persons with capital consumption adjustment ............................. 146.5 144.9 210.4 222.2 236.7 245.9 262.0 277.9
Personal income receipts on assets ........................................................................ 1,829.7 2,031.5 1,994.4 2,001.4 1,958.1 1,845.5 1,773.4 1,763.1
Personal interest income...................................................................................... 1,127.5 1,266.4 1,308.0 1,327.8 1,292.9 1,243.4 1,241.1 1,234.9
Personal dividend income .................................................................................... 702.2 765.1 686.4 673.7 665.2 602.1 532.3 528.2
Personal current transfer receipts ............................................................................ 1,605.0 1,718.0 1,875.9 1,874.3 1,898.0 1,987.3 2,140.3 2,137.5
Less: Contributions for government social insurance, domestic .............................. 921.8 959.3 990.6 994.9 993.3 969.7 970.9 974.0
Less: Personal current taxes ....................................................................................... 1,352.4 1,490.9 1,432.4 1,437.3 1,434.3 1,187.3 1,082.6 1,086.1
Equals: Disposable personal income ...................................................................... 9,915.7 10,403.1 10,806.4 10,849.3 10,799.1 10,765.4 10,966.2 10,997.8
Less: Personal outlays................................................................................................. 9,680.7 10,224.3 10,520.0 10,613.6 10,389.9 10,362.3 10,370.5 10,502.8
Equals: Personal saving ........................................................................................... 235.0 178.9 286.4 235.7 409.2 403.1 595.7 495.0
Personal saving as a percentage of disposable personal income ........................... 2.4 1.7 2.7 2.2 3.8 3.7 5.4 4.5
Addenda:
Personal income excluding current transfer receipts, billions of chained (2005)
dollars 2 ................................................................................................................... 9,404.8 9,645.4 9,504.6 9,442.0 9,494.4 9,188.7 9,105.5 9,082.3
Disposable personal income, billions of chained (2005) dollars 2 ............................ 9,650.7 9,860.6 9,911.3 9,838.3 9,920.4 9,926.4 10,077.5 10,042.3
r Revised
1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies,
contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), current surplus of government enterprises, and wage
accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts.
2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
Table 11. Corporate Profits: Level and Percent Change
Billions of dollars Percent change from preceding period
Quarter
Seasonally adjusted at annual rates Quarterly rates one year
ago
2006 2007 2008 2007 2008
2008 2009 2008 2009 2009
III IV I II III r IV I II III r III r
Corporate profits with inventory valuation and

capital consumption adjustments .......................... 1,608.3 1,541.7 1,360.4 1,454.6 1,123.6 1,182.7 1,226.5 1,358.9 –4.1 –11.8 –22.8 5.3 3.7 10.8 –6.6
Less: Taxes on corporate income................................... 473.3 451.5 292.2 304.8 223.3 270.3 305.9 321.0 –4.6 –35.3 –26.7 21.1 13.2 4.9 5.3
Equals: Profits after tax with inventory valuation
and capital consumption adjustments ................... 1,135.0 1,090.2 1,068.2 1,149.8 900.4 912.4 920.6 1,037.9 –4.0 –2.0 –21.7 1.3 0.9 12.7 –9.7
Net dividends.............................................................. 704.8 767.8 689.9 676.6 669.9 618.1 556.0 549.9 8.9 –10.1 –1.0 –7.7 –10.0 –1.1 –18.7
Undistributed profits with inventory valuation and
capital consumption adjustments............................ 430.3 322.4 378.3 473.2 230.5 294.2 364.5 488.0 –25.1 17.4 –51.3 27.7 23.9 33.9 3.1
Addenda for corporate cash flow:
Net cash flow with inventory valuation adjustment 1,356.1 1,303.4 1,478.4 1,499.4 1,559.2 1,575.4 1,544.9 1,573.3 –3.9 13.4 4.0 1.0 –1.9 1.8 4.9
Undistributed profits with inventory valuation and
capital consumption adjustments........................ 430.3 322.4 378.3 473.2 230.5 294.2 364.5 488.0 –25.1 17.4 –51.3 27.7 23.9 33.9 3.1
Consumption of fixed capital................................... 925.9 981.0 1,036.8 1,043.9 1,058.1 1,058.2 1,043.0 1,032.5 6.0 5.7 1.4 0.0 –1.4 –1.0 –1.1
Less: Capital transfers paid (net) ............................ 0.0 0.0 –63.3 17.7 –270.7 –223.0 –137.3 –52.9 ............. .............. ............. .............. .............. .............. ..............
Addenda:
Profits before tax (without inventory valuation and
capital consumption adjustments) .......................... 1,822.7 1,774.4 1,462.7 1,576.6 1,060.1 1,246.5 1,337.1 1,495.0 –2.7 –17.6 –32.8 17.6 7.3 11.8 –5.2
Profits after tax (without inventory valuation and
capital consumption adjustments) .......................... 1,349.5 1,322.8 1,170.6 1,271.9 836.8 976.1 1,031.1 1,173.9 –2.0 –11.5 –34.2 16.6 5.6 13.8 –7.7
Inventory valuation adjustment................................... –38.0 –44.0 –38.2 –54.5 139.2 81.1 18.1 –17.1 ............. .............. ............. .............. .............. .............. ..............
Capital consumption adjustment ................................ –176.4 –188.7 –64.1 –67.6 –75.6 –144.9 –128.6 –118.9 ............. .............. ............. .............. .............. .............. ..............
r Revised
Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
Level Change from preceding period

2008 2009
2006 2007 2008 2008 2009 2007 2008
III IV I II III r IV I II III r
Corporate profits with inventory valuation and

capital consumption adjustments................... 1,608.3 1,541.7 1,360.4 1,454.6 1,123.6 1,182.7 1,226.5 1,358.9 –66.6 –181.3 –331.0 59.1 43.8 132.4
Domestic industries..................................................... 1,351.5 1,193.9 983.2 1,057.4 791.3 867.0 925.3 1,035.7 –157.6 –210.7 –266.1 75.7 58.3 110.4
Financial ..................................................................... 427.6 347.0 271.6 289.8 121.9 237.8 266.3 349.1 –80.6 –75.4 –167.9 115.9 28.5 82.8
Nonfinancial................................................................ 923.9 846.9 711.6 767.6 669.4 629.2 659.0 686.6 –77.0 –135.3 –98.2 –40.2 29.8 27.6
Rest of the world .......................................................... 256.8 347.8 377.2 397.2 332.4 315.8 301.2 323.2 91.0 29.4 –64.8 –16.6 –14.6 22.0
Receipts from the rest of the world............................. 434.4 504.5 544.2 558.5 479.1 402.2 409.9 440.8 70.1 39.7 –79.4 –76.9 7.7 30.9
Less: Payments to the rest of the world...................... 177.6 156.8 167.0 161.3 146.8 86.4 108.7 117.6 –20.8 10.2 –14.5 –60.4 22.3 8.9
Corporate profits with inventory valuation
adjustment......................................................... 1,784.7 1,730.4 1,424.5 1,522.2 1,199.3 1,327.6 1,355.1 1,477.8 –54.3 –305.9 –322.9 128.3 27.5 122.7
Domestic industries..................................................... 1,527.8 1,382.6 1,047.3 1,125.0 866.9 1,011.9 1,053.9 1,154.6 –145.2 –335.3 –258.1 145.0 42.0 100.7
Financial ..................................................................... 448.0 367.8 278.9 297.5 130.3 253.9 280.7 362.4 –80.2 –88.9 –167.2 123.6 26.8 81.7
Federal Reserve banks........................................... 33.8 37.7 35.7 34.6 41.1 28.8 46.1 57.6 3.9 –2.0 6.5 –12.3 17.3 11.5
Other financial......................................................... 414.1 330.1 243.2 262.9 89.2 225.1 234.6 304.8 –84.0 –86.9 –173.7 135.9 9.5 70.2
Nonfinancial................................................................ 1,079.9 1,014.9 768.4 827.5 736.6 758.0 773.3 792.2 –65.0 –246.5 –90.9 21.4 15.3 18.9
Utilities .................................................................... 54.4 49.1 40.1 43.5 40.8 53.6 53.4 61.5 –5.3 –9.0 –2.7 12.8 –0.2 8.1
Manufacturing ......................................................... 304.5 278.6 175.5 205.7 148.6 121.6 132.3 129.7 –25.9 –103.1 –57.1 –27.0 10.7 –2.6
Durable goods..................................................... 118.9 96.1 30.7 40.5 1.5 8.0 11.9 6.7 –22.8 –65.4 –39.0 6.5 3.9 –5.2
Fabricated metal products............................... 18.7 21.3 17.6 17.7 19.2 19.3 13.7 10.9 2.6 –3.7 1.5 0.1 –5.6 –2.8
Machinery ....................................................... 19.2 19.8 16.1 14.6 19.6 12.8 10.4 8.1 0.6 –3.7 5.0 –6.8 –2.4 –2.3
Computer and electronic products .................. 17.4 11.2 4.7 0.1 2.2 3.2 3.9 3.1 –6.2 –6.5 2.1 1.0 0.7 –0.8
Electrical equipment, appliances, and
components................................................. 11.5 –1.1 –4.1 –2.6 –8.4 –6.3 –9.1 –9.6 –12.6 –3.0 –5.8 2.1 –2.8 –0.5
Motor vehicles, bodies and trailers, and parts –6.8 –16.4 –47.5 –45.4 –53.4 –54.8 –38.5 –16.6 –9.6 –31.1 –8.0 –1.4 16.3 21.9
Other durable goods........................................ 58.9 61.3 43.9 56.2 22.3 33.9 31.5 10.8 2.4 –17.4 –33.9 11.6 –2.4 –20.7
Nondurable goods............................................... 185.7 182.6 144.9 165.2 147.1 113.6 120.4 122.9 –3.1 –37.7 –18.1 –33.5 6.8 2.5
Food and beverage and tobacco products ...... 32.5 30.2 33.7 37.3 31.3 34.7 33.1 35.1 –2.3 3.5 –6.0 3.4 –1.6 2.0
Petroleum and coal products........................... 76.6 77.8 66.5 79.3 79.7 29.4 15.2 15.8 1.2 –11.3 0.4 –50.3 –14.2 0.6
Chemical products .......................................... 52.5 51.9 31.3 39.1 21.7 29.6 39.4 37.4 –0.6 –20.6 –17.4 7.9 9.8 –2.0
Other nondurable goods.................................. 24.0 22.7 13.3 9.5 14.4 19.8 32.8 34.5 –1.3 –9.4 4.9 5.4 13.0 1.7
Wholesale trade...................................................... 103.7 102.2 75.1 85.8 111.5 94.0 87.5 80.6 –1.5 –27.1 25.7 –17.5 –6.5 –6.9
Retail trade ............................................................. 133.2 121.6 78.2 77.1 79.7 83.1 95.1 98.8 –11.6 –43.4 2.6 3.4 12.0 3.7
Transportation and warehousing............................. 42.1 30.0 11.4 9.2 11.5 6.7 1.3 4.8 –12.1 –18.6 2.3 –4.8 –5.4 3.5
Information.............................................................. 92.4 90.3 84.7 81.9 63.6 95.4 99.4 107.0 –2.1 –5.6 –18.3 31.8 4.0 7.6
Other nonfinancial................................................... 349.6 343.0 303.4 324.4 280.8 303.6 304.2 309.9 –6.6 –39.6 –43.6 22.8 0.6 5.7
Rest of the world .......................................................... 256.8 347.8 377.2 397.2 332.4 315.8 301.2 323.2 91.0 29.4 –64.8 –16.6 –14.6 22.0
r Revised
NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).
Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
2006 2007 2008 2008 2009
III IV I II III r
Billions of dollars
Gross value added of nonfinancial corporate business..................................... 6,740.3 6,970.1 6,971.5 7,042.4 6,934.1 6,703.8 6,671.9 6,665.2
Consumption of fixed capital............................................................................................ 800.9 849.4 898.4 904.6 917.1 916.7 903.0 894.0
Net value added ............................................................................................................. 5,939.4 6,120.6 6,073.0 6,137.8 6,017.0 5,787.1 5,768.9 5,771.2
Compensation of employees........................................................................................ 4,182.3 4,364.2 4,427.9 4,440.4 4,410.1 4,238.5 4,194.4 4,198.3
Wage and salary accruals........................................................................................ 3,462.3 3,627.3 3,677.2 3,687.5 3,656.8 3,494.7 3,450.0 3,452.4
Supplements to wages and salaries ........................................................................ 720.0 736.9 750.7 752.9 753.3 743.8 744.3 745.8
Taxes on production and imports less subsidies.......................................................... 593.3 612.8 621.0 627.8 614.2 602.7 603.1 593.9
Net operating surplus................................................................................................... 1,163.7 1,143.7 1,024.1 1,069.6 992.7 945.8 971.4 979.0
Net interest and miscellaneous payments................................................................ 164.0 228.1 242.1 233.3 246.8 237.4 229.2 219.2
Business current transfer payments (net) ................................................................ 75.8 68.6 70.4 68.7 76.5 79.2 83.2 73.1
Corporate profits with inventory valuation and capital consumption adjustments .... 923.9 846.9 711.6 767.6 669.4 629.2 659.0 686.6
Taxes on corporate income .................................................................................. 307.6 299.3 237.8 254.5 177.7 197.9 217.0 227.0
Profits after tax with inventory valuation and capital consumption adjustments... 616.2 547.6 473.8 513.1 491.6 431.3 442.1 459.6
Net dividends.................................................................................................... 471.1 465.2 409.3 383.3 449.9 373.1 362.7 332.7
Undistributed profits with inventory valuation and capital consumption
adjustments .................................................................................................. 145.1 82.4 64.5 129.7 41.7 58.1 79.3 126.9
Addenda:
Profits before tax (without inventory valuation and capital consumption adjustments) 1,117.9 1,058.9 806.7 882.0 597.4 676.9 755.2 809.4
Profits after tax (without inventory valuation and capital consumption adjustments) ... 810.3 759.5 568.8 627.5 419.7 478.9 538.2 582.4
Inventory valuation adjustment .................................................................................... –38.0 –44.0 –38.2 –54.5 139.2 81.1 18.1 –17.1
Capital consumption adjustment.................................................................................. –156.0 –167.9 –56.8 –60.0 –67.2 –128.7 –114.2 –105.7
Billions of chained (2005) dollars
Gross value added of nonfinancial corporate business 1 .................................. 6,536.5 6,649.4 6,675.5 6,722.6 6,579.3 6,278.8 6,269.8 6,291.5
Consumption of fixed capital 2 ......................................................................................... 773.7 808.3 837.3 840.5 842.6 844.0 842.6 841.6
Net value added 3 ............................................................................................................ 5,762.9 5,841.2 5,838.2 5,882.1 5,736.7 5,434.8 5,427.1 5,449.9
Dollars; quarters seasonally adjusted
Price, costs, and profits per unit of real gross value added of nonfinancial
corporate business:
Price per unit of real gross value added of nonfinancial corporate business 4 1.031 1.048 1.044 1.048 1.054 1.068 1.064 1.059
Compensation of employees (unit labor cost).............................................................. 0.640 0.656 0.663 0.661 0.670 0.675 0.669 0.667
Unit nonlabor cost........................................................................................................ 0.250 0.264 0.275 0.274 0.282 0.293 0.290 0.283
Consumption of fixed capital .................................................................................... 0.123 0.128 0.135 0.135 0.139 0.146 0.144 0.142
Taxes on production and imports less subsidies plus business current transfer
payments (net)...................................................................................................... 0.102 0.102 0.104 0.104 0.105 0.109 0.109 0.106
Net interest and miscellaneous payments................................................................ 0.025 0.034 0.036 0.035 0.038 0.038 0.037 0.035
Corporate profits with inventory valuation and capital consumption adjustments (unit
profits from current production) ................................................................................ 0.141 0.127 0.107 0.114 0.102 0.100 0.105 0.109
Taxes on corporate income ...................................................................................... 0.047 0.045 0.036 0.038 0.027 0.032 0.035 0.036
Profits after tax with inventory valuation and capital consumption adjustments....... 0.094 0.082 0.071 0.076 0.075 0.069 0.071 0.073
r Revised
1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when
this price index is not available, the chain-type price index for GDP goods and structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2005 current-dollar value of the
corresponding series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate business divided by 100.
NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).
Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
2006 2007 2008 2005 2006 2007 2008 2009
Gross domestic product (GDP) and related aggregates:

GDP................................................................................. 2.7 2.1 0.4 2.1 5.4 1.4 0.1 3.0 1.2 3.2 3.6 2.1 –0.7 1.5 –2.7 –5.4 –6.4 –0.7 2.2
Goods.............................................................................. 5.2 3.7 0.4 5.1 11.8 1.8 0.0 7.2 –0.8 6.2 7.2 7.6 –1.8 1.5 –7.0 –16.4 –8.7 –3.2 6.3
Services........................................................................... 2.3 2.6 1.5 0.8 3.4 2.0 2.0 3.6 2.7 2.1 3.1 1.8 1.5 1.5 –0.4 0.7 –0.9 1.5 1.1
Structures ........................................................................ –1.6 –4.4 –5.9 1.7 0.9 –2.5 –9.8 –10.5 –2.2 2.3 –2.1 –9.4 –10.7 1.3 –5.5 –12.9 –34.0 –9.7 –0.8
Motor vehicle output ........................................................ –1.2 –1.3 –18.4 –27.0 14.4 –7.6 4.0 –10.2 –0.8 6.2 3.5 –10.3 –21.6 –36.2 –6.6 –50.5 –64.5 13.3 131.8
GDP excluding motor vehicle output ............................... 2.8 2.2 1.0 3.3 5.1 1.8 0.0 3.4 1.3 3.1 3.6 2.5 –0.1 2.6 –2.6 –4.1 –4.9 –0.9 0.8
Final sales of computers 1 ............................................... 25.2 22.1 21.3 35.0 33.3 19.1 12.5 22.4 3.1 28.4 60.9 33.7 9.8 29.1 –3.6 2.9 11.2 –7.3 –13.9
GDP excluding final sales of computers.......................... 2.5 2.0 0.3 1.9 5.2 1.3 0.0 2.8 1.2 3.1 3.3 2.0 –0.8 1.3 –2.7 –5.4 –6.5 –0.7 2.3
Farm gross value added 2 ............................................... –2.8 –7.6 12.9 –11.3 –26.6 71.6 –26.2 –13.2 –6.4 –14.5 –15.0 34.6 40.7 –15.8 24.4 27.9 –3.3 4.0 9.2
Nonfarm business gross value added 3 ........................... 3.1 2.3 –0.1 2.4 6.8 1.0 –0.1 4.2 0.9 3.7 3.9 1.8 –1.7 1.3 –4.0 –7.6 –8.8 –1.1 2.2
Price indexes:
GDP................................................................................. 3.3 2.9 2.1 3.4 3.0 3.6 3.1 1.8 4.2 2.7 1.6 2.3 1.9 1.8 4.0 0.1 1.9 0.0 0.4
GDP excluding food and energy 4 ................................... 3.3 2.8 2.3 4.0 3.2 3.6 2.5 2.4 3.8 2.2 1.9 3.2 2.4 2.2 2.9 –0.8 0.5 0.8 0.5
GDP excluding final sales of computers.......................... 3.4 3.0 2.2 3.5 3.1 3.8 3.2 1.9 4.3 2.8 1.8 2.5 2.0 2.0 4.1 0.2 1.9 0.1 0.5
Gross domestic purchases.............................................. 3.4 2.9 3.2 4.1 2.8 3.6 2.9 1.0 4.2 3.1 2.2 4.6 3.4 3.9 4.3 –3.8 –1.4 0.5 1.3
Gross domestic purchases excluding food and energy 4 3.2 2.7 2.6 3.6 3.1 3.5 2.5 2.4 3.6 2.2 2.1 3.3 2.7 3.0 2.9 –0.6 0.2 0.8 0.3
Gross domestic purchases excluding final sales of
computers to domestic purchasers.............................. 3.6 3.1 3.3 4.3 3.0 3.8 3.0 1.1 4.3 3.2 2.3 4.7 3.5 4.0 4.4 –3.8 –1.4 0.6 1.5
Personal consumption expenditures (PCE)..................... 2.7 2.7 3.3 3.6 1.7 3.0 3.0 –0.1 3.7 3.2 2.3 5.1 3.7 3.9 4.7 –5.0 –1.5 1.4 2.6
PCE excluding food and energy 4 .................................... 2.3 2.4 2.4 2.7 2.0 2.9 2.3 2.1 2.8 1.8 2.3 3.1 2.4 2.4 2.6 0.8 1.1 2.0 1.2
Market-based PCE 5........................................................ 2.8 2.5 3.4 3.6 1.8 3.0 3.1 –0.7 3.6 3.3 1.8 5.2 4.0 4.0 5.1 –5.3 –1.2 1.5 2.8
Market-based PCE excluding food and energy 5 ............. 2.2 2.1 2.3 2.5 2.1 2.9 2.3 1.6 2.5 1.6 1.6 2.8 2.6 2.3 2.7 1.5 1.9 2.3 1.2
r Revised
1. For some components of final sales of computers, includes computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of households and institutions, and of general government.
5. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without
payment) and the final consumption expenditures of nonprofit institutions serving households.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced
in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity
and price components. Quantities, or “real” measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2005 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher
formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2007-08
annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual
percent change in GDP prices uses quantities for 2007 and 2008 as weights. These annual changes are
“chained” (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar
value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close
to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in
this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8,
and appendix table A. Contributions by major components to the percent change in real GDP are
presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2005) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005
and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of
this component in 2006 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a “residual” line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference: “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November
2003 Survey, pp. 8-16.

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NEWS RELEASE

Lisa Mataloni: (202) 606-5304 (GDP) BEA 09-57

GROSS DOMESTIC PRODUCT: THIRD QUARTER 2009 (THIRD ESTIMATE)

Gross domestic purchases

Gross national product

Advance Estimate Second Estimate Third Estimate

Real GDP................................................ 3.5 2.8 2.2

Next release -- January 29, 2010, at 8:30 A.M. EST for:

Release dates in 2010

Gross Domestic Product

2009: IV and 2009 annual 2010: I 2010: II 2010: III

Advance…… January 29 April 30 July 30 October 29

Preliminary... ……….. May 27 August 27 November 23

IV I II III IV I II III IV I II III IV I II III r

IV I II III IV I II III IV I II III IV I II III r

Percent change at annual rate:

III IV I II III r III IV I II III r II III r

IV I II III IV I II III IV I II III IV I II III r

2006 2007 2008 2008 2009

Table 6. Price Indexes for Gross Domestic Product

2006 2007 2008 2008 2009

IV I II III IV I II III IV I II III IV I II III r

Seasonally adjusted at annual rates

2006 2007 2008 2008 2009

Table 10. Personal Income and Its Disposition

Seasonally adjusted at annual rates

2006 2007 2008 2008 2009

III IV I II III r IV I II III r III r

Corporate profits with inventory valuation and

Level Change from preceding period

Seasonally adjusted at annual rates

Corporate profits with inventory valuation and

Billions of chained (2005) dollars

Dollars; quarters seasonally adjusted

IV I II III IV I II III IV I II III IV I II III r

Gross domestic product (GDP) and related aggregates:

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